Market Updates • April 15, 2024

Navigating Changes and Embracing Opportunities – April 2024 Metro Denver Market Update

by LaDawn Sperling

As the spring selling season unfolds, we find the Denver Metro real estate market bustling with activity, underscored by a strategic mix of anticipation and action among buyers and sellers alike. This month’s market dynamics offer a blend of challenges and opportunities, reflecting a vibrant yet evolving landscape.

March’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – included:

The average price for homes increased to $703,330, up 4.08% from February 2024 and a significant 5.55% increase from March 2023. This trend indicates a continued ascent in home values, a factor for both buyers and sellers to consider in their strategy.
The average days in the MLS decreased to 40 days, down 13.04% from the prior month, yet showing an 8.11% increase from the same time last year. The reduction in days on market from February to March illustrates an acceleration in the pace at which homes are being sold, signaling strong buyer engagement.
Active listings at month’s end saw a rise to 5,849, a 6.13% increase from February 2024 and a notable 29.52% jump year-over-year, highlighting a growing inventory that offers more options to prospective buyers.

As the market heats up, we’re seeing sellers adapt to higher interest rates, with many choosing to downsize or leverage their home equity for their next purchase. This shift is bringing much-needed inventory to the market, much to the delight of eager buyers.

Looking Ahead:

The Denver real estate market is poised for an interesting spring season. Sellers are becoming more strategic, and buyers, encouraged by an increase in inventory, are actively participating in the market. The trends suggest a balanced dynamic, with opportunities for both buyers and sellers to achieve their goals.

For those considering entering the market or seeking to navigate these changes, now is the time to strategize and plan. Whether you’re looking to sell at a peak price or find a home among the increasing listings, understanding the current trends is key.

Need Assistance?

If you have any questions about the current market or are ready to discuss your real estate goals, don’t hesitate to reach out. My expertise and dedication can help guide you through the dynamic Denver real estate landscape.

This update is based on information provided by the Denver Metro Association of Realtors® for the period of March 1, 2024, through March 31, 2024, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.

Real Estate News, Tips, & Tricks • April 11, 2024

The Top 5 Reasons You Need a Real Estate Agent when Buying a Home

by LaDawn Sperling

You may have heard headlines in the news lately about agents in the real estate industry and discussions about their commissions. And if you’re following along, it can be pretty confusing. But here’s the thing you really need to know – expert advice from a trusted real estate agent is priceless, now more than ever. And here’s why.

A real estate agent does a lot more than you may realize.

Your agent is the person who will guide you through every step when buying a home and look out for your best interests along the way. They smooth out a complex process and take away the bulk of the stress of what’s likely your largest purchase ever. And that’s exactly what you want and deserve.

This is at least a part of the reason why a recent survey from Bright MLS found an overwhelming majority of people agree an agent is a key part of the homebuying process

To give you a better idea of just a few of the top ways agents add value, check out this list.

1. Deliver Industry Experience

The right agent – the professional – will coach you through everything from start to finish. With professional training and expertise, agents know the ins and outs of the buying process. And in today’s complex market, the way real estate transactions are executed is constantly changing, so having the best advice on your side is essential.

2. Provide Expert Local Knowledge

In a world that’s powered by data, a great agent can clarify what it all means, separate fact from fiction, and help you understand how current market trends apply to your unique search. From how quickly homes are selling to the latest listings you don’t want to miss, they can explain what’s happening in your specific local market so you can make a confident decision.

3. Explain Pricing and Market Value

Agents help you understand the latest pricing trends in your area. What’s a home valued at in your market? What should you think about when you’re making an offer? Is this a house that might have issues you can’t see on the surface? No one wants to overpay, so having an expert who really gets true market value for individual neighborhoods is priceless. An offer that’s both fair and competitive in today’s housing market is essential, and a local expert knows how to help you hit the mark.

4. Review Contracts and Fine Print

In a fast-moving and heavily regulated process, agents help you make sense of the necessary disclosures and documents, so you know what you’re signing. Having a professional that’s trained to explain the details could make or break your transaction, and is certainly something you don’t want to try to figure out on your own.

5. Bring Negotiation Expertise

From offer to counteroffer and inspection to closing, there are a lot of stakeholders involved in a real estate transaction. Having someone on your side who knows you and the process makes a world of difference. An agent will advocate for you as they work with each party. It’s a big deal, and you need a partner at every turn to land the best possible outcome.

Bottom Line

Real estate agents are specialists, educators, and negotiators. They adjust to market changes and keep you informed. And keep in mind, every time you make a big decision in your life, especially a financial one, you need an expert on your side.

Expert advice from a trusted professional is priceless. Let’s connect today.

The Best Week To List Your House Is Almost Here

by LaDawn Sperling

Are you thinking about making a move? If so, now may be the perfect time to start the process. That’s because experts say the best week to list your house is just around the corner.

A recent Realtor.com study looked at housing market trends over the past several years (with the exception of 2020, since it was an unusual year), and found the best week to put your house on the market this year is April 14-20:

“Every year, one week stands out from the rest as that perfect stretch of time when it’s great to be a home seller. This year, the week of April 14–20 is the best time to sell—that is, if sellers want to see lots of interest in their homes, sell quickly, and pocket some extra cash, according to Realtor.com® data.”

Here’s why this matters for you. While the spring market is a great time to sell no matter the week, this may be the peak sweet spot. And if you’ve been putting your plans on the back burner and waiting for the right time to act, this could be the nudge you need to make your move happen. As Hannah Jones, Senior Economic Research Analyst at Realtor.com explains:

“The third week of April brings the best combination of housing market factors for sellers. The best week offers higher buyer demand, lower competition [from other sellers], and fewer price reductions than the typical week of the year.”

But, if you want to get in on the action, you’ll need to move quickly and lean on the pros. Your local real estate agent is the perfect go-to when it comes to figuring out a plan to prep your house and get it on the market.

They’ll be able to offer advice to balance your target listing date with what you need to do from a repair and renovation standpoint. And they can walk you through exactly how to prioritize your list so you know what to tackle first.

For example, if your house is already in good shape, you’ll be able to really focus in on the smaller things that are easy to do and make a big impact. As an article from Investopedia says:

“You won’t have time for any major renovations, so focus on quick repairs to address things that could deter potential buyers.”

Here are some specific examples from that article:

Just remember, even if you’re not ready to list within the next couple of weeks, that’s okay. The window of opportunity doesn’t close when this week ends. Spring is the peak homebuying season and it’s still a seller’s market, so you’ll be in the driver’s seat all season long.

Bottom Line

Ready to get the ball rolling? Let’s connect and schedule a time to go over your next steps.

Market Updates • March 15, 2024

Strategic Moves in the Spring Market – March 2024 Metro Denver Market

by LaDawn Sperling

As we step into the spring season, the Denver real estate market is a testament to the power of strategy over sheer luck. Both buyers and sellers, armed with insightful plans and the expertise of their real estate agent, are finding themselves well-positioned to navigate the current market dynamics.

February’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – included:

The average price for homes was up 3.27% compared to the previous month and up 3.04% from February 2023.
The average days in the MLS decreased 4.08% from the prior month and are up down 2.08% from a year ago. The median days in MLS decreased from 47 days to 49 days month-over-month.
Active listings at months-end were up 13.14% from January and up 45.87% from this time last year.

The surge in new listings and the strategic readiness of sellers to stand out in a bustling market have been crucial. Sellers who’ve meticulously prepared their homes for showings and priced them right have been rewarded with multiple offers, maximizing their returns. Meanwhile, buyers, aware of the growing inventory, are more measured in their approach, taking the time to find homes that truly meet their needs and negotiating effectively to ensure their investments are sound.

For Sellers: The importance of preparation and pricing right cannot be overstated. In a market with increasing options for buyers, making your home stand out through professional staging, necessary repairs, and curb appeal is key to attracting offers. For Buyers: With more listings to choose from, the opportunity to find the home that fits your needs is better than ever. Yet, this abundance also means the need for strategic negotiation and thorough due diligence is paramount.

As the market adapts to the influx of spring listings, staying informed and prepared will be crucial for both buyers and sellers. The right strategy, coupled with the guidance of an experienced real estate agent, can make all the difference in achieving your real estate goals this season.

Ready to Make Your Move?

Whether you’re looking to sell your property or in search of your home, I’m here to help navigate the complexities of the Denver real estate market. For personalized advice or to discuss how the latest market trends could impact your real estate decisions, don’t hesitate to reach out.

This update is based on information provided by the Denver Metro Association of Realtors® for the period of February 1, 2024, through February 29, 2024, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.

Real Estate News, Tips, & Tricks • February 29, 2024

Why You Want an Agent’s Advice for Your Move

by LaDawn Sperling

No matter how you slice it, buying or selling a home is a big decision. And when you’re going through any change in your life and you need some guidance, what do you do? You get advice from people who know what they’re talking about.

Moving is no exception. You need insights from the pros to help you feel confident in your decision. Freddie Mac explains it like this:

“As you set out to find the right home for your family, be sure to select experienced, trusted professionals who will help you make informed decisions and avoid pitfalls.”

And while perfect advice isn’t possible – not even from the experts, what you can get is the very best advice out there.

The Power of Expert Advice

For example, let’s say you need an attorney. You start off by finding an expert in the type of law required for your case. Once you do, they won’t immediately tell you how the case is going to end, or how the judge or jury will rule. But what a good attorney can do is walk you through the most effective strategies based on their experience and help you put a plan together. They’ll even use their knowledge to adjust that plan as new information becomes available.

The job of a real estate agent is similar. Just like you can’t find a lawyer to give you perfect advice, you won’t find a real estate professional who can either. That’s because it’s impossible to know everything that’s going to happen throughout your transaction. Their role is to give you the best advice they can.

To do that, an agent will draw on their experience, industry knowledge, and market data. They know the latest trends, the ins and outs of the homebuying and selling processes, and what’s worked for other people in the same situation as you.

With that expertise, a real estate advisor can anticipate what could happen next and work with you to put together a solid plan. Then, they’ll guide you through the process, helping you make decisions along the way. That’s the very definition of getting the best – not perfect – advice. And that’s the power of working with a real estate advisor.

Bottom Line

If you’re looking to buy or sell a home, you want an expert on your side to help you each step of the way. Let’s connect so you have advice you can count on.

Uncategorized • February 20, 2024

Buyers are back – February 2024 Metro Denver Market Update

by LaDawn Sperling

New listings, pending sales, and average days on market all increased month-over-month. Active listings and closed sales both decreased month-over-month as the majority of sales closed in January went under contract in December and many new buyers entered the market in January.

January’s vital statistics for all homes – detached single family (DSF) and attached single family (ASF) combined – included:

The average price for homes was up 0.63% compared to the previous month and up 5.43% from January 2023.
The average days in the MLS increased 6.52% from the prior month and are up 6.52% from a year ago. The median days in MLS increased from 30 days to 36 days month-over-month.
Active listings at months-end were down 2.01% from December and up 18.23% from this time last year.

As we enter the new year, buyers are eagerly returning to the real estate market, encouraged by increased choices in listings. New listings have surged by 14.73 percent year-over-year, particularly in detached properties, which saw a notable increase of 17.94 percent. Pending home sales also rose by 6.5 percent, indicating growing buyer interest. However, closed sales lagged slightly, likely reflecting transactions initiated in December. Median close prices for single-family homes have risen to $625,000, with properties selling closer to list price, suggesting a more competitive market. Conversely, attached properties are experiencing a slight slowdown, with pending sales decreasing by 6.61 percent year-over-year and median close prices remaining stable at $395,000.

Looking ahead, the real estate market is poised for a strong spring selling season, driven by pent-up demand and favorable lending conditions. Despite the Federal Reserve’s decision to maintain interest rates, a decline in rates later in the year would likely further stimulate activity. However, buyers waiting for lower rates risk facing increased competition and higher prices in the future. Therefore, it’s crucial to understand the market dynamics and make informed decisions regarding timing and risk. As always, If you have any questions or need guidance, feel free to reach out.

This update is based on information provided by the Denver Metro Association of Realtors® for the period of January 1, 2024, through January 31st, 2024, for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.

Uncategorized • February 9, 2024

Don’t Wait Until Spring To Sell Your House

by LaDawn Sperling

As you think about the year ahead, one of your big goals may be moving. But, how do you know when to make your move? While spring is usually the peak homebuying season, you don’t actually need to wait until spring to sell. Here’s why.

1. Take Advantage of Lower Mortgage Rates

Last October, the 30-year fixed mortgage rates peaked at 7.79%. In January, they hit their lowest level since May. That means you may not feel as locked-in to your current mortgage rate right now. That downward trend in rates has made moving more affordable now than it was just a few months ago.

Another reason today’s rates make now a good time to sell? More buyers are jumping back into the market. Many had been waiting on the sidelines for rates to fall, but now that that’s happening, they’re eager and ready to buy. That means more demand for your house. According to Sam Khater, Chief Economist at Freddie Mac:

“Given this stabilization in rates, potential homebuyers with affordability concerns have jumped off the fence back into the market.”

2. Get Ahead of Your Competition

Right now, there are still more people looking to buy a home than there are houses for sale, which puts you in a great position. But keep in mind, with the recent uptick in new listings, we’re seeing more sellers may already be re-entering the market.

Listing your house now helps you beat your competition and makes sure your house will stand out. And if you work with an agent to price it right, it could sell fast and get multiple offers. U.S. News explains:

“When there is low housing inventory, sellers could get top dollar for their homes.”

3. Make the Most of Rising Home Prices

Experts home prices will keep going up this year. What does that mean for you? If you’re ready to sell your current house and plan to buy another one, it may be a good idea to think about moving now before prices go up more. That would give you the chance to buy your next home before it gets more expensive.

4. Leverage Your Equity

Homeowners today have tremendous amounts of equity. In fact, a recent report from CoreLogic says the average homeowner with a mortgage has more than $300,000 in equity.

If you’ve been waiting to sell because you were worried about home affordability, know your equity can really help with your next move. It might even cover a big part, or maybe all, of the down payment for your next home.

Bottom Line

If you’re thinking about selling your house and moving to another one, let’s connect to get the process started now so you can get a leg up on your competition.

Lifestyle • February 1, 2024

How to Pet-Proof Your Home for Furry Family Members

by LaDawn Sperling

If you share your home with a pet or two (or five), you know their well-being is a top priority. Along with making a move less stressful for them, learning how to pet-proof your home should be high on the list for responsible pet owners. Read on to know what to look out for and how to make your home a comfortable and secure place for everyone.

Kitchens

Start your pet-proofing mission in the kitchen, as it has a lot of potentially dangerous and tempting items for your four-legged friends. Ensure cabinets are secure to prevent access to cleaning supplies, cutlery and any unauthorized treats – child-proof cabinet locks are an excellent option here. Some human foods can be life-threatening for dogs and cats, so promptly store items like chocolates, crackers and leftovers away or you could be making an unexpected trip to the emergency vet. Garbage bins should have lids or be kept inside cabinets, as pets can get into trash hunting for a bonus meal.

Living Rooms

You probably spend a lot of quality time with your pets in your living room, which also deserves a careful going-over. Keep small objects, like breakable decorative pieces and children’s toys, out of reach. Electrical cords should be concealed or secured, as they present a chewing temptation for many animals. Certain houseplants can also be toxic for your fur babies, so you’ll want to eliminate any dangerous varieties.

Bedrooms and Bathrooms

In bedrooms, keep your clothes, shoes and personal items stowed away since anything can become a fun chew toy, especially for dogs. Secure medications, razors and other sharp objects away from curious paws and noses. And while a cat lying on the bathroom floor surrounded by a roll of unspooled toilet paper seems like it’d be great photo op, it’ll be a pain to clean up. Consider keeping doors closed when you’re not around.

Yards, Patios and Decks

If your pets spend considerable time outside, you’ll want to provide a shaded area and fresh water to prevent overheating in hot weather. Also, think about installing a pet door if you do have an enclosed outdoor space like a catio or dog run, making it easy for them to get outside safely. Plus, animals can be notorious escape artists, so securely latch all non-pet doors and windows to prevent any unexpected breakouts.

Create Pet-Friendly Spaces

Pet-proofing is not only about forbidden areas and potential harm – it’s also about making cozy and pet-specific areas for your animals. Your pets deserve to love their home as much as you do, so give them their own spots, like napping nooks and comfortable hiding places. Dogs might appreciate a snuggly bed in a quiet corner, while many cats love hanging out in a felted cat cave. Designate an area for pet toys, like a stylish basket or bin. This will make picking up a breeze and your pets will know where to go when it’s time to play.

Creating a safe environment by knowing how to pet-proof your home is vital to being a good pet owner. And with a little effort, you can make your house a haven for the whole family.

Real Estate News, Tips, & Tricks • January 25, 2024

2 Reasons Why Today’s Mortgage Rate Trend Is Good for Sellers

by LaDawn Sperling

If you’ve been holding off on selling your house to make a move because you felt mortgage rates were too high, their recent downward trend is exciting news for you. Mortgage rates have descended since last October when they hit 7.79%. In fact, they’ve been below 7% for over a month now (see graph below):

And while they’re not going back to the 3% we saw during the unicorn years, they are expected to continue to go down from where they are now in the near future. As Dean Baker, Senior Economist at the Center for Economic Research, explains:

“It also appears that mortgage rates are now falling again. They will almost certainly not fall to pandemic lows, although we may soon see rates under 6.0 percent, which would be low by pre-Great Recession standards.”

Here are two reasons why this recent trend, and the expectation it’ll continue, is such good news for you.

You May Not Feel as Locked-In to Your Current Mortgage Rate

With mortgage rates already significantly lower than they were just a few months ago, you may feel less locked-in to the current mortgage rate you have on your house. When mortgage rates were higher, moving to a new home meant possibly trading in a low rate for one up near 8%.

However, with rates dropping, the difference between your current mortgage rate and the new rate you’d be taking on isn’t as big as it was. That makes moving more affordable than it was just a few months ago. As Lance Lambert, Founder of ResiClub, explains:

“We might be at peak “lock-in effect.” Some move-up or lifestyle sellers might be coming to terms with the fact 3% and 4% mortgage rates aren’t returning anytime soon.”

More Buyers Will Be Coming to the Market

According to data from Bright MLS, the top reason buyers have been waiting to take the plunge into homeownership is high mortgage rates (see graph below):

Lower mortgage rates mean buyers can potentially save money on their home loans, making the prospect of purchasing a home more attractive and affordable. Now that rates are easing, more buyers are likely to feel they’re ready to jump back into the market and make their move. And more buyers mean more demand for your house.

Bottom Line

If you’ve been waiting to sell because you didn’t want to take on a larger mortgage rate or you thought buyers weren’t out there, the recent decline in mortgage rates may be your sign it’s time to move. When you’re ready, let’s connect.

Uncategorized • January 18, 2024

Ways Your Home Equity Can Help You Reach Your Goals

by LaDawn Sperling

If you’ve owned your house for at least a couple of years, there’s something you’re going to want to know more about – and that’s home equity. If you’re not familiar with that term, Freddie Mac defines it like this:

“. . . your home’s equity is the difference between how much your home is worth and how much you owe on your mortgage.”

That means your equity grows as you pay down your home loan over time and as home values climb. While it’s true home prices dipped slightly last year, they rebounded and have been climbing in many areas since then. Here’s why that price growth is good news for you.

In the latest Equity Insights Report, Selma Hepp, Chief Economist at CoreLogic, explains:

“With price gains continuing to help homeowners build wealth, equity has reached a new high and regained losses that resulted from declines last year. And while the average U.S. homeowner gained over $20,000 in additional equity compared with the third quarter of 2022, some markets are seeing larger increases as price growth catches up.”

And that figure is just for the last year. To help you really understand how that number can add up over time, the report also says the average homeowner with a mortgage has more than $300,000 in equity. That much equity can have a big impact.

Here are a few examples of how you can put your home equity to work for you.

1. Buy a Home That Fits Your Needs

If your current space no longer meets your needs, it might be time to think about moving to a bigger home. And if you’ve got too much space, downsizing to a smaller one could be just right. Either way, you can put your equity toward a down payment on something that fits your changing lifestyle.

2. Reinvest in Your Current Home

And, if you’re not ready to move just yet, you can use the equity you have to improve your current home. But it’s important to consider the long-term benefits certain upgrades can bring to your home’s value. A real estate agent is a great resource on which projects to prioritize to get the greatest return on your investment when you sell later on.

3. Pursue Personal Ambitions

Home equity can also serve as a catalyst for realizing your life-long dreams. That could mean investing in a new business venture, retirement, or funding an education. While you shouldn’t use your equity for unnecessary spending, using it responsibly for something meaningful and impactful can really make a difference in your life.

4. Understand Your Options to Avoid Foreclosure

While the number of foreclosure filings remains below the norm, there are still some homeowners who go into foreclosure each year. If you’re in a tough spot financially, having a clear understanding of your options can help. Equity can act as a cushion if you’re not able to make your mortgage payments on time.

Bottom Line

If you want to know how much equity you have in your home, let’s connect. That way you have someone who can do a professional equity assessment report on how much you’ve built up over time. Then let’s talk through how you can use it to help you reach your goals.

Coldwell Banker - Denver West

Accessibility Statement | Fair Housing Notice

© Coldwell Banker 2023 – 2024. All Rights Reserved. Coldwell Banker and the Coldwell Banker logo are trademarks of Coldwell Banker Real Estate LLC. The Coldwell Banker® System is comprised of company owned offices which are owned by a subsidiary of Anywhere Advisors LLC and franchised offices which are independently owned and operated. The Coldwell Banker System fully supports the principles of the Fair Housing Act and the Equal Opportunity Act.